If you are watching the Vietnam team competing in the 2022 World Cup qualifiers in Dubai (UAE), both you and the world know that Dubai is the richest and most luxurious city on this planet.
And here are the reasons.
Dubai does not depend on oil for economic development
Dubai is different from many Middle Eastern countries when it does not depend on oil for economic development. Dubai is part of the United Arab Emirates (UAE), which is famous for its oil. This makes many people think that Dubai is rich because of oil, but according to The Richest, oil only accounts for about 5-7% of the city’s total revenue.
In the early 1980s, Dubai authorities realized that it would not last long by relying on oil resources alone. As a result, the city focuses on developing a diverse and vibrant economy. Tourism, transport, commerce, finance and real estate are the main contributors to Dubai’s wealth.
When the drop in oil prices affects many countries, such as Russia, Dubai is still not affected too much.
No income tax imposed on domestic and foreign investors đầu
In Dubai, investors no longer have to worry about high taxes on investments or income. Dubai is famous as one of the few places in the world with low commercial taxes and no income tax for domestic and foreign investors. It is this that has attracted investors from all over the world to flock here.
Global Technology Center
In the past, it was almost impossible to find technology companies setting up branch networks in Dubai. But now, everything has changed. Dubai is gradually showing itself as a respectable “power” in the field of technology.
Skilled Migrant Workers
According to Worldation, one estimate shows that for every Dubai native, there are 9 immigrants. Most immigrants have the skills and business acumen that fuel the city’s growth.
Transshipment location of Asia and Europe
Dubai is strategically located geographically. It is seen as a hub for Asia and Europe. This important location ensures potential business opportunities in the long run for Dubai. The airport in this city is always busy with flights.
Don’t be afraid to have no money when traveling to Dubai. Dubai is always reminiscent of luxury dishes, only for the rich. Not only skyscrapers, gold markets, but Dubai also makes the world surprised with expensive dishes. Imagine, a piece of Kobe beef costs VND 6 million, Peking duck with caviar costs VND 12 million, a cupcake costs VND 23 million or a royal pizza costs VND 4.8 billion.
Summary of Dubai today
Dubai has captured the world’s attention through its innovative construction projects and major sporting events, notably the world’s tallest building, the Burj Khalifa.
In 2012, Dubai was the most expensive city in the Middle East. In 2014, Dubai hotel rooms were rated as the second most expensive in the world. This increased attention has highlighted labor and human rights issues related to the workforce mainly from South Asia and the Philippines.
As a result of the global recession following the 2007-2010 financial crisis, Dubai’s real estate market experienced a major decline in 2008 and 2009.
The coastal city of Dubai is rated as one of the safest cities in the world, and is the regional aviation hub. It is also a cosmopolitan city, sports, hotel, tourism, exhibition, finance, media, economy, technology, architecture and construction. Dubai Silicon Oasis is a microelectronics technology park currently under development in Dubai. Although most of the project’s 7.2 square kilometer area is for commercial use, the project still has residential and retail areas.
The Dubai Silicon Oasis is wholly owned by the Government of Dubai, acting as a free zone for semiconductor, microelectronics and high-tech companies, providing the focal point for market share of industrial devices. technology for the world.